More Nigerian banks limit foreign currency spending on naira cards

Extra Nigerian banks have lowered their month-to-month worldwide spending restrict on naira playing cards.

The banks knowledgeable their prospects they have been lowering the restrict from $100 to both $20 or $50 a month.

It means prospects wouldn’t have the ability to use their naira debit playing cards to pay for any transactions greater than $20 or $50 in a month. It is a sign of the banks’ battle with shortage of international alternate.

The United Financial institution of Africa (UBA) was first to take the choice on February 24 when it introduced $20 as its new restrict.

“In keeping with our promise to maintain you up to date on companies, now we have reviewed Naira Card limits for worldwide transactions, and this may take impact 1st of March, 2022,” the financial institution mentioned.

“Bear in mind you should use your UBA Greenback, Kilos or Euro Card for worldwide POS, ATM and internet transactions. When you would not have one and wish to subscribe, please go to a department near you.”

On Wednesday, Zenith Financial institution knowledgeable its prospects that it was lowering its worldwide spending restrict on its naira playing cards to $20 and it was suspending worldwide ATMs and level of gross sales (POS) transactions.

On Friday, First Financial institution introduced that as a consequence of “present market realities on international alternate,” it had lowered its spending restrict to $50.

Extra banks adopted on Saturday, additionally citing latest financial realities.

ALSO READ: Nigerian banks’ hidden prices hindering monetary inclusion – Report

Warranty Belief Financial institution, Sterling Financial institution, Union financial institution mentioned their new restrict was additionally $20 a month.

Wema Financial institution went a step additional and mentioned it should finish its cross-border funds with Naira playing cards beginning March 14.

Nigeria has suffered an importation-fuelled international alternate disaster for years, however the shortage worsened in 2021 with Naira crashing over 30 per cent in a single yr.

As of the tip of February, Nigeria’s international reserve fell to $39.86 billion, in comparison with $40.04 billion recorded as of January ending.

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